Cryptocurrency Market Update: Polymath Pumps on Binance Listing

Markets are back in the red; Polymath is pumping but Cardano, EOS and Stellar are getting hammered.

The bears have regained control of crypto markets and the selloff has accelerated today. Market capitalization has fallen further, dropping below $290 billion as altcoins get offloaded. Recent SEC rejection of the Winklevoss ETF may have sparked a wave of panic selling following a week of gains.

Bitcoin has dropped 1.3% over the past 24 hours falling back to $8,060, further bearish pressure could send it below $8k over the next few hours. Ethereum has taken a 3% hit on the day dropping its price to just below $450.

Altcoins are getting battered at the moment with the top ten all in the red. Cardano is getting spanked the hardest with a 9.7% slide to $0.143, closely behind is EOS and Stellar both losing around 9%. The recent rally seems to have run out of steam as things start heading south once again.

Looking at the top twenty Tron is losing the most with a 6% drop to $0.034. Neo, Nem and VeChain are also having a bad day with 4-5% declines. Dropping double digits is Icon, Bitshares and Ontology. The biggest loser of the day in the top hundred cryptocurrencies is Mithril which has crashed 25% on the day to $0.652. Verge has had a little spurt of a couple of percent on the news of a Huobi listing.

Only one altcoin is showing any measureable gains at the moment and that is Polymath. The POLY pump started around six hours ago when it surged over 30% to $0.577. Since then it has corrected back to $0.494 marking a 26% gain on the day. Polymath was recently announced as the winner of the Binance community coin of the month competition for its next listing;

According to the official announcement “Binance will open trading for POLY/BTC and POLY/BNB trading pairs at 2018/07/31 10:00 AM (UTC).”

POLY is currently being traded on South Korea’s Upbit which has over 60% of the total volume. Daily trade volume has jumped over 3600% from $1.3 million to almost $50 million in 24 hours. On the week Polymath is up 35% and on the month it has jumped over 65%, at the moment it is the only green altcoin in a sea of red.

Total crypto market capitalization has fallen again today, down just over 3% to $286 billion. Volume is up very slightly to around $15 billion and the weekly outlook has now shifted to a down trend. Further declines look likely as the bulls run out of steam once again.